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Asustek reports net income growth of 9.79% last quarter

TAIPEI--Taiwan's Asustek Computer Inc. (華碩電腦) on Tuesday reported growth in its net income in the second quarter despite lower-than-expected shipments of tablet PCs and smartphones.

In the April-June quarter, Asustek posted net income of NT$4.79 billion (US$159.5 million), up 9.79 percent from the first quarter and up 0.5 percent from a year earlier.

The company reported second-quarter earnings per share (EPS) of NT$6.45, compared with NT$5.87 posted in the first quarter.

Brand revenue totaled NT$95.46 billion in the second quarter, down 5 percent from the first quarter but up 6 percent from a year earlier, Asustek said.

The company shipped 4.6 million notebooks in the April-June period, in line with its original target that was set in May.

But the 2 million tablets shipped during the quarter fell well below Asustek's original forecast of 2.8 million units, and the 1 million smartphones it shipped fell below its target of 1.5 million units.

Looking to the third quarter of the year, Asustek expects to ship 5.1 million notebooks, 2.5 million tablets and 2.6 million smartphones.

Asustek shares closed up 1.03 percent at NT$295.50 Tuesday in Taipei trading.

Last week, JPMorgan Securities Ltd said the prospects for Taiwan's major contract notebook makers have become positive for the second half of the year.

Tablet cannibalization has peaked and smartphone cannibalization in emerging markets like China could also peak next year, resulting in stable units for notebooks after two years of double-digit decline, JPMorgan analyst Gokul Hariharan said in a report issued last week.

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